Bruce Reichstein's (brucereichstein) Blog

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ARCHIVED BLOG POSTS

2012 

A reader asks, “Do you have any information on lenders that will do a VA Construction loan?” Questions like these are common, as are similar questions such as, “Why can’t I find a lender willing to do a mobile home loan?” In recent times, due to housing market issues and related factors, many len...
09/17/2012
There was a comment left by a reader this week which includes the following: “…The appraiser did not do his job correctly and now we are in a waiting game with the VA and the seller. Our appraiser did his comparisons of houses that sold in the area over a year ago and prices have risen during the...
09/17/2012
A reader asks, "I recently signed my refinance paperwork using the VA IRRRL process. One of our concerns were occupancy requirement because we might be transferring soon. According to the VA: “The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA...
09/13/2012
The Department of Veterans Affairs official site has a Frequently Asked Questions section on VA loans that includes the following Q & A: “Q: What can VA not do? A: Guarantee that a home is free of defects. VA guarantees only the loan. It is your responsibility to assure that you are satisfied wit...
09/12/2012
When a VA borrower wants to purchase a home, a big milestone in the process is getting the VA appraisal done. Since the VA appraiser is responsible for both making sure the home lives up to VA standards and assigning fair market value for the home, the appraiser has a special place in the VA loan...
09/11/2012
A reader asks, “Two weeks ago I applied in US Mail for a Certificate of Eligibility. To date it has not been received and I’m concerned that this is not being processed in a timely manner; holding up buying a home. Please advise how to follow up or can I apply online after mailing a request?” The...
09/11/2012
A reader asks, “I have a question. My husband is active duty military and we’ve been married 10yrs. Now we are separated. Would I be able to apply for a VA loan or would he have to?” VA loans are a benefit for military members. When military spouses are included in the benefit, such as when both ...
09/10/2012
A reader asks, "I am facing foreclosure with my VA loan and heard about the relocation assistance. I called the regional office as well as the local office and both said that it is not offered. I also spoke with my mortgage broker and they echo the same answer." "Both of them suggested we contact...
09/09/2012
The Department of Veterans Affairs recently changed its requirements for certain types of income verification. According to VA Circular 26-12-6, changes to VA policy included alterations to employment verification (VOE for short) and pay stub verification. According to the circular, “Previously, ...
09/07/2012
In August 2012, a law known as the Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 was signed into law. Because of that legislation, the Department of Veterans Affairs issued a press release informing lenders and borrowers, “Effective with the signing of this bill, a ...
09/05/2012
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